The subtitles are half in/half out of the picture. Where the subtitles take up one line, it's in the picture. Where they take up two or more lines, the first is in the picture, and the rest in the lower black bar.

Both UK & US Blu-ray Discs were released by Tartan at almost exactly the same time, so I would imagine the US one will be the same.

The Matrix films have no subtitles (I just watched them). So you must be talking about the foreign language subtitles that the player adds. We are not keeping track of those.

So you watched the Hong Kong version? No thought not.
As well as English it has a whole bunch of different language sub options.
I was under the impression people were naming all BR with subs in & out of the pic, the last thing i expected to see was someone complaining but hey!